The Nigeria Bureau of Statistics (NBS) released its November Consumer Price Index (CPI) report today, indicating a continued upward trend in inflation.
Here is a breakdown of November 2023 Inflation Numbers
– Headline inflation continues to climb, reaching 28.20% in November, a 0.87% increase from October
– Compared to November 2022, inflation rate saw a significant 6.73% point jump.
– Month-on-month inflation also increased, at 2.09%, highlighting persistent price pressures.
– Urban inflation followed a similar trend, hitting 30.21% year-on-year and 2.23% month-on-month.
– Rural inflation, slightly lower, stood at 26.43% year-on-year and 1.99% month-on-month.
– Food inflation was the main culprit, surging to 32.84% year-on-year, driven by rises in Bread and cereals, Oil and fat, and Potatoes.
– Month-on-month, food inflation also climbed, at 2.42%.
– Core inflation, excluding volatile items like food and energy, reached 22.38% year-on-year, an increase from 17.99% in November 2022.
– Passenger Transport, Medical Services, and Housing costs contributed most to this rise.
Summary
Inflation shows no signs of slowing across all categories, impacting both basic necessities and non-essential goods and services.
